Civic Intelligence

Downtown Franklin Association

990 • Fiscal year 2021 • EIN 26-0011687

Jul 01, 2020 to Jun 30, 2021 • Filed on May 10, 2022

Organization ProfileDOWNTOWNFRANKLINVA.ORG
601 N Mechanic St Suite 309Franklin, VA 23851

(757) 304-5515

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

69th percentile

0.02x

Higher debt load relative to assets than 69% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Liabilities / Revenue

72nd percentile

0.04x

Higher debt load relative to revenue than 72% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Net Margin

20th percentile

-18%

Higher net margin than 20% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Top Officer Pay

96th percentile

$70,332

Higher top officer pay than 96% of similar nonprofits.

Top officer pay equals 57.5% of source-year revenue.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Asset Growth

26th percentile

-9.5%

Faster asset growth than 26% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Annualized from 2020 to 2021

Revenue Growth

26th percentile

-29%

Faster revenue growth than 26% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets69th percentile

Assets

Down

$178,609

Down $18,757 (-9.5%) from 2020

Net Assets

Down

$174,273

Down $22,398 (-11%) from 2020

Liabilities

Up

$4,336

Up $3,641 (+524%) from 2020

Revenue And Expenses
Liabilities / Revenue72nd percentileNet Margin20th percentile

Revenue

Down

$122,415

Down $50,367 (-29%) from 2020

Expenses

Down

$144,813

Down $35,785 (-20%) from 2020

Net Income

Down

-$22,398

Down $14,582 (-187%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth26th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$300K$200K$100K$0Assets 2012: $237,588Liabilities 2012: $15,663Net Assets 2012: $221,9252012Assets 2013: $233,399Liabilities 2013: $11,599Net Assets 2013: $221,8002013Assets 2014: $238,684Liabilities 2014: $7,574Net Assets 2014: $231,1102014Assets 2015: $228,134Liabilities 2015: $3,648Net Assets 2015: $224,4862015Assets 2016: $223,739Liabilities 2016: $706Net Assets 2016: $223,0332016Assets 2017: $265,227Liabilities 2017: $1,178Net Assets 2017: $264,0492017Assets 2018: $236,695Liabilities 2018: $901Net Assets 2018: $235,7942018Assets 2019: $205,334Liabilities 2019: $847Net Assets 2019: $204,4872019Assets 2020: $197,366Liabilities 2020: $695Net Assets 2020: $196,6712020Assets 2021: $178,609Liabilities 2021: $4,336Net Assets 2021: $174,2732021Assets 2022: $127,657Net Assets 2022: $127,6572022Assets 2023: $113,998Net Assets 2023: $113,9982023Assets 2024: $0Net Assets 2024: $02024

Highlighted filing

2021

Assets$178,609
Liabilities$4,336
Net Assets$174,273
Open 2021 Filing

Operations Trend

Revenue Growth26th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$300K$200K$100K$0-$100KExpenses 2012: $216,9772012Expenses 2013: $201,5792013Revenue 2014: $207,766Expenses 2014: $198,456Net Income 2014: $9,3102014Revenue 2015: $185,448Expenses 2015: $192,072Net Income 2015: -$6,6242015Revenue 2016: $186,203Expenses 2016: $187,656Net Income 2016: -$1,4532016Revenue 2017: $267,559Expenses 2017: $226,543Net Income 2017: $41,0162017Revenue 2018: $221,371Expenses 2018: $249,626Net Income 2018: -$28,2552018Revenue 2019: $201,572Expenses 2019: $232,879Net Income 2019: -$31,3072019Revenue 2020: $172,782Expenses 2020: $180,598Net Income 2020: -$7,8162020Revenue 2021: $122,415Expenses 2021: $144,813Net Income 2021: -$22,3982021Revenue 2022: -$974Expenses 2022: $45,642Net Income 2022: -$46,6162022Revenue 2023: $2,958Expenses 2023: $16,617Net Income 2023: -$13,6592023Revenue 2024: $393Expenses 2024: $45,391Net Income 2024: -$44,9982024

Highlighted filing

2021

Revenue$122,415
Expenses$144,813
Net Income-$22,398
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 10, 2022
Return Version
2020v4.0
Gross Receipts
$122,415
Mission and Program Overview

Mission

To promote the historic district of franklin, va from an economic and aesthetic standpoint.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$147,481$142,336▼ $5,145
Savings and Temporary Cash Investments$46,654$36,172▼ $10,482
Cash and Non-Interest-Bearing Accounts$3,231$101▼ $3,130
Total Assets$197,366$178,609▼ $18,757
Liabilities
Unsecured Notes Loans Payable-$3,000-
Other Liabilities$695$1,336▲ $641
Total Liabilities$695$4,336▲ $3,641
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$196,671$174,273▼ $22,398
Total Net Assets Fund Balance$196,671$174,273▼ $22,398
Total Liabilities and Net Assets / Fund Balance$197,366$178,609▼ $18,757

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$142,096$48,426$190,522
Equipment-$27,545$27,545
Other Land Buildings$240$10,722$10,962
Compensation and Service Providers
Top Officer Pay96th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Dan HoweExecutive DiFT$70,332$70,332

Board Members and Trustees

NameTitle
Victor StoryPresident
Allie VargoDirector
Ashley CovingtonDirector
Brigitte BradshawDirector
Kelly BowersDirector
Sidney WilsonDirector
Witt HarperDirector
Dan HoweExecutive Director
Jim WrightSecretary
Beneta CofieldTreasurer
Jackie NewsomeVice-preside
Revenue and Support

Revenue Composition

Contributions and Grants
$107,120
Program Service Revenue
$12,175
Investment Income
$2,695
Other Revenue
$425
All Other Contributions
$24,079
Change in Net Assets
$-22,398
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$103,616
Grants and Similar Amounts Paid$21,614
Salaries, Compensation, and Employee Benefits$19,583
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$21,614--$21,614
Other Salaries and Wages$9,095$9,096-$18,191
All Other Expenses$1,972$3,405-$5,377
Depreciation Depletion$5,145--$5,145
Advertising$3,255--$3,255
Insurance$3,154--$3,154
Occupancy$3,047--$3,047
Office Expenses$1,241$1,242-$2,483
Other Expenses$2,261$2,566-$2,261
Fees for Services Legal-$1,465-$1,465
Payroll Taxes$696$696-$1,392
Fees for Services Accounting-$110-$110
Total Functional Expenses$73,484$71,329$0$144,813
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Payroll Liabilities$1,336
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“Governing body will review form 990 during the annual board meeting.”

Form 990, Page 6, Part VI, Line 15A

“The compensation for the executive director is determined by the city of franklin, va and is included as a part of the funding received from the city, however he is an employee of the city of franklin and the payroll is not reflected as part of this return.”

Form 990, Page 6, Part VI, Line 15B

“There are no other compensated officers or key employees besides the director.”

Form 990, Page 6, Part VI, Line 19

“Copies of governing documents made upon request.”

Filing and Contact Details

Filer

Filer Name
Downtown Franklin Association
EIN
26-0011687
Phone
7573045515
Address
601 N MECHANIC ST SUITE 309, FRANKLIN, VA 23851

Signing Officer

Name
Victor Story
Title
President
Phone
7575626900
Signed
2022-05-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Victor Story
Formed
2001
Legal Domicile
Va
Voting Board Members
10
Independent Board Members
10
Employees
1
Volunteers
10

Preparer

Firm
Burgess & Co Plc Cpas
Address
PO BOX 634, FRANKLIN, VA 23851
Preparer
Emily E Brown CPA
Phone
7575698156
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

“Establish consensus and cooperation by building effective partnerships among all downtown stakeholders.”

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IRS990ScheduleD/BuildingsGrp/BookValueAmt0142096
IRS990ScheduleD/BuildingsGrp/DepreciationAmt048426
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IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt010962
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01336
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0PAYROLL LIABILITIES
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0142336
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0DAN HOWE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0EXECUTIVE DIRECTOR
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ESTABLISH CONSENSUS AND COOPERATION BY BUILDING EFFECTIVE PARTNERSHIPS AMONG ALL DOWNTOWN STAKEHOLDERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1GOVERNING BODY WILL REVIEW FORM 990 DURING THE ANNUAL BOARD MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE COMPENSATION FOR THE EXECUTIVE DIRECTOR IS DETERMINED BY THE CITY OF FRANKLIN, VA AND IS INCLUDED AS A PART OF THE FUNDING RECEIVED FROM THE CITY, HOWEVER HE IS AN EMPLOYEE OF THE CITY OF FRANKLIN AND THE PAYROLL IS NOT REFLECTED AS PART OF THIS RETURN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THERE ARE NO OTHER COMPENSATED OFFICERS OR KEY EMPLOYEES BESIDES THE DIRECTOR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4COPIES OF GOVERNING DOCUMENTS MADE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/SubjectToProxyTaxInd0false
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IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalEmployeeCnt01
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt073484
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IRS990/TotalLiabilitiesGrp/BOYAmt0695
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IRS990/TotalProgramServiceRevenueAmt012175
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IRS990/TotalVolunteersCnt010
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0197366

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$178,609
Liabilities
$4,336
Net assets
$174,273
Revenue
$122,415
Expenses
$144,813
Net income
-$22,398
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.45$0.45
2023Detailed filing. Detailed filing data is available for this year.$1.14$1.14$0.03$0.17$0.14
2022Detailed filing. Detailed filing data is available for this year.$1.28$1.28$0.01$0.46$0.47
2021Detailed filing. Detailed filing data is available for this year.$1.79$0.04$1.74$1.22$1.45$0.22
2020Detailed filing. Detailed filing data is available for this year.$1.97$0.01$1.97$1.73$1.81$0.08
2019Detailed filing. Detailed filing data is available for this year.$2.05$0.01$2.04$2.02$2.33$0.31
2018Detailed filing. Detailed filing data is available for this year.$2.37$0.01$2.36$2.21$2.50$0.28
2017Detailed filing. Detailed filing data is available for this year.$2.65$0.01$2.64$2.68$2.27$0.41
2016Detailed filing. Detailed filing data is available for this year.$2.24$0.01$2.23$1.86$1.88$0.01
2015Detailed filing. Detailed filing data is available for this year.$2.28$0.04$2.24$1.85$1.92$0.07
2014Detailed filing. Detailed filing data is available for this year.$2.39$0.08$2.31$2.08$1.98$0.09
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.33$0.12$2.22$2.02
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.38$0.16$2.22$2.17